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| SVL to set up 10-mt oil refinery in Malaysia |
| BS Reporter / Chennai Jan 25, 2010, 00:12 IST |
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SVL Oil and Gas SDN BHD Malaysia, an associate company of the Chennai-based SVL Engineering Group, plans to set up a 10-million tonne per annum refinery in Malaysia, with an investment of Rs 17,000-18,000 crore.
An agreement was signed on Friday between SVL and the state of Perak in Malaysia, in the presence of latter’s chief minister, Zambry Bin Abdul Kadir.
“The refinery will be built in 36-42 months and will be commissioned by mid-2014. The project will be implemented in three phases – the study stage will commence immediately, the detailed engineering and commissioning work would happen in the second phase and expansion of the refining and addition of petrochemicals would happen in the final stage,” said J V V Satyanarayana, president, SVL Group.
He added the project would be funded through debt and equity. The company was also looking for investment bankers, private equity and a partner who could bring both money and expertise, said Satyanarayana.
“The bulk of crude oil is expected to be sourced through long-term supply contracts, with the remaining part sourced from the open markets to take advantage of volatile oil prices,” he said.
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